The company said it applied ASU 2023-02 retrospectively to its investments in qualifying renewable energy projects on January 1, 2024, and is providing supplemental financial information along with business realignments of similar products and services that took effect in Q1 2024.

8-KOther EventsFiled Mar 26, 2024Period of report Mar 26, 2024Summary published (UTC) Oct 30, 2026

Key points

AI summary

The company said it applied ASU 2023-02 retrospectively to its investments in qualifying renewable energy projects on January 1, 2024, and is providing supplemental financial information along with business realignments of similar products and services that took effect in Q1 2024.
The company said the adoption of ASU 2023-02 revised FY23 investment and other revenue from $285 million to $480 million, provision for income taxes from $800 million to $979 million, and net income from $3,288 million to $3,304 million.
The company said the largest change was moving Institutional Solutions from Pershing to Clearance and Collateral Management, and that the realignments did not affect its previously reported consolidated financial results.
The company said it added $127 million pre-tax ($97 million after tax) to noninterest expense for Q4 2023 and the full year 2023 in 10-K, reflecting a revised estimate of the FDIC special assessment, and that this supplemental information also reflects that change.

Summary

AI-written

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

Purpose of Retrospective ASU 2023-02 Adoption and Segment Realignments

The company said it applied ASU 2023-02 retrospectively to its investments in qualifying renewable energy projects on January 1, 2024, and is providing supplemental financial information along with business realignments of similar products and services that took effect in Q1 2024.

Source · Based on the filing body and exhibits

Impact of ASU 2023-02 on Consolidated Results

The company said the adoption of ASU 2023-02 revised FY23 investment and other revenue from $285 million to $480 million, provision for income taxes from $800 million to $979 million, and net income from $3,288 million to $3,304 million.

Source · Based on the filing body and exhibits

Business Realignments Without Impact on Consolidated Results

The company said the largest change was moving Institutional Solutions from Pershing to Clearance and Collateral Management, and that the realignments did not affect its previously reported consolidated financial results.

Source · Based on the filing body and exhibits

Revised FDIC Special Assessment Estimate

The company said it added $127 million pre-tax ($97 million after tax) to noninterest expense for Q4 2023 and the full year 2023 in 10-K, reflecting a revised estimate of the FDIC special assessment, and that this supplemental information also reflects that change.

Source · Based on the filing body and exhibits

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

Unauthorized scraping, data storage and database creation prohibited

Without prior written consent, you must not crawl or scrape data compiled and organized by Chickstock or its analysis and summaries, or collect them repeatedly or in bulk for storage, ingestion or database creation. Repurposing, redistribution, sale and use to build other services are also prohibited.

Unauthorized use may result in access restrictions, demands to stop infringement and delete copies, and claims for damages. Violations of applicable law may also give rise to criminal liability.

Uses permitted by law, the Terms of Service or a separate agreement remain subject to their respective scope. Rights in individual source materials, including original filings, remain with their respective rights holders.